July 25, 2012 / 4:47 PM / 5 years ago

Spain's Telefonica scraps dividend, share buy-backs

MADRID, July 25 (Reuters) - Spain's Telefonica said on Wednesday it would cancel its dividend payment and share buy-back program for 2012 and cut the salaries of its board members and top management in a move to help it confront a severe economic crisis.

The Spanish telecoms operator, under pressure to raise funds and cut a 57 billion euro ($69.10 billion) debt pile, said it would pay a dividend of 0.75 euro per share in 2013. ($1 = 0.8248 euros) (Reporting by Julien Toyer; Editing by Sonya Dowsett)

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